Wind energy solutions provider Inox Wind (IWL) is challenging the National Company Law Tribunal’s Chandigarh bench order on insolvency, claiming it is solvent and in “excellent” financial health.
ET had exclusively reported on Saturday that NCLT passed an order on July 5, clearing way for the insolvency of the company after an ‘operational creditor’ Jeena and Co moved a petition for the same citing non-payment for services it provided to Inox Wind for clearance of import shipments to Nhawa Sheva, Mumbai.
“It is also important to mention that fundamentally, IWL remains a solvent company in excellent financial health-.The company has been regular in servicing all its commitments to its lenders, and has a long term rating of AA- and a short term rating of A1+ from CRISIL,” the company said in a statement.
In its order, a copy of which is with ET, the tribunal had observed, “except for a simple denial in response sent by the respondent, there are no other circumstances which can be considered to say that the corporate debtor has raised a dispute.” The tribunal also said that there was no representation from Inox Wind during the hearing.
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